Re-indexation: how the amount of social payments in Russia will change from June 1

From June 1, 2022, a government decree on raising the minimum wage (SMIC) comes into force in Russia.

The corresponding amount increased by 10% - from 13,890 to 15,279 rubles.

Recall that the minimum wage sets the minimum wage that a full-time employee can receive.

As a result, according to the authorities, the indexation of this indicator will increase the salaries of more than 4 million Russians.

In addition, the minimum wage is used to calculate benefits for temporary disability, as well as for pregnancy and childbirth.

These payments were also indexed by 10% from June 1, as reported by the Social Insurance Fund (FSS).

Now the minimum daily allowance for temporary disability in Russia varies from 493 to 509 rubles, depending on the number of calendar days in a month.

In turn, the minimum allowance for pregnancy and childbirth increased to 70.3 thousand rubles, for complicated births - up to 78.4 thousand rubles, and for the birth of two or more children at once - up to 97.5 thousand rubles.

In addition, in accordance with the decision of the Cabinet of Ministers, from June 1, the subsistence minimum has been increased by 10%.

In the country as a whole, the amount per capita increased from 12,654 to 13,919 rubles.

For the working-age population, the value is 15,172 rubles, for children - 13,501 rubles, and for pensioners - 11,970 rubles.

“The indicator is used to assess the needs of citizens when providing such state support measures, such as, for example, a monthly allowance for a child under the age of three, payments for children from three to 17 years old from low-income families.

In total, about 15 million people receive payments tied to the subsistence level,” the government said.

Now the amount of the monthly allowance for Russian women who are in a difficult financial situation and are registered with medical organizations in the early stages of pregnancy (up to 12 weeks) is about 7.6 thousand rubles.

At the same time, low-income families with children under three years of age may qualify for a payment of approximately 13.5 thousand rubles.

Also, today the country pays monthly allowances for children from three to seven years old and from eight to 16 years old inclusive.

The amount of financial assistance depends on the family income and can be 50, 75 and 100% of the subsistence minimum for children.

The average amount of benefits across the country now varies from 6.8 thousand to 13.5 thousand rubles per month.

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Since June 1, the size of the insurance pension has also increased by 10% in Russia.

The average amount of old-age payments to non-working citizens increased by 1,760 rubles to 19,360 rubles.

According to the Ministry of Labor and Social Protection, indexation should affect about 35 million people.

“Of course, the size of the increase will be calculated personally for each citizen, for each pensioner, but the average figures for today are as follows, this is a significant increase.

At the same time, I want to say that the Pension Fund will start delivering pensions, taking into account indexation, starting from June 3, ”said Anton Kotyakov, head of the Ministry of Labor.

Above inflation

Recall that from January 1, 2022, insurance pensions, the minimum wage and the cost of living in Russia have already been increased by 8.6%.

Meanwhile, against the backdrop of rising inflation, President Vladimir Putin instructed to carry out additional indexation.

“We must always look to the future, one step ahead, and build our work based on the priorities that have already been identified.

And our key, invariable priority is the growth of the well-being and quality of life of citizens, ”the head of state said at a meeting of the State Council Presidium on Social Issues on May 25.

As a result of large-scale Western economic sanctions against Moscow in March, annual inflation in Russia accelerated from 9.2% to 16.7%, and in April reached 17.83%, the highest level in the last 20 years.

This is evidenced by the materials of Rosstat.

However, at the moment the situation in the economy has already begun to gradually stabilize, and inflation in annual terms has slowed to 17.51%.

Moreover, as Vladimir Putin noted, by the end of 2022, the figure will not exceed 15%.

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Against this background, the double indexation of social benefits this year will allow citizens to compensate for the increase in consumer prices.

This, in turn, should support economic activity in the country, Artyom Deev, head of the analytical department at AMarkets, believes.

“In total, since the beginning of 2022, pensions and various social benefits have been indexed by about 19.5%, which is higher than the current inflation rate.

Given the increase in prices in stores, this is the right, calculated and timely measure.

It is necessary to maintain consumer demand in the country and help the most vulnerable categories of citizens who have experienced inflation,” Deev said.

In total, the government is going to allocate 509.7 billion rubles for additional indexation this year.

Of these, 472.4 billion rubles will go to increase pensions.

At the same time, the initiative of the authorities will not have a serious burden on the country's budget, Nikolai Pereslavsky, an employee of the Department of Economic and Financial Studies of the CMS Institute, is sure.

“The funds for this will be taken from oil and gas revenues, the amount of which this year will definitely be more than last year.

Although the physical volumes of exports are declining, budget revenues from the sale of hydrocarbons remain high due to current oil and gas prices,” Pereslavsky explained.

As previously stated in the government, due to the oil and gas revenues received this year, the volume of the reserve fund of the Cabinet of Ministers will additionally increase by 791.6 billion rubles.

These funds are planned to be used to ensure the stability of the economy in the face of sanctions.